$40 billion of Fraser government debt, carried through the Hawke/Keating period.

This means that the true Labor debt was $56 billion.

To pay off this debt the Howard government sold $72 billion of government assets. Hence, the move to “negative debt” or surplus if you like ($72 billion – $56 billion = $16 billion) was not due to “careful and responsible” budget management.

Far from it – it was created by irresponsible selling of public assets, the stuff that was created using our taxes over decades.